HomeMy WebLinkAboutSA Reso 2015-007 Recognized Obligation Payment Scheduled (ROPS 15-16B) January to JuneRESOLUTION NO. SA- 2015 -007
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, APPROVING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE (ROPS 15 -16B) FOR
JANUARY 1, 2016 THROUGH JUNE 30, 2016
WHEREAS, the Successor Agency of the Redevelopment Agency of the City of
Lake Elsinore (the "Successor Agency ") is charged with implementing recognized
enforceable obligations and winding down of the affairs of the former Redevelopment
Agency of the City of Lake Elsinore (the "Agency ") in accordance with the California
Health and Safety Code; and
WHEREAS, Health and Safety Code Section 34169 requires the Successor
Agency to prepare and adopt a "Recognized Obligation Payment Schedule" that lists all
obligations of the former redevelopment agency that are enforceable within the meaning
of subdivision (d) of Section 34167 for six month periods, including January 2016
through June 2016; and
WHEREAS, AB 1484 requires that the ROPS 15 -16B for the period January 1,
2016 through June 30, 2016 must be submitted to the Department of Finance and the
State Controller's office, after approval by the Oversight Board, no later than October 5,
2015 or be subject to penalties; and
WHEREAS, on September 22, 2015, the Oversight Board to the Successor
Agency of the Redevelopment Agency of the City of Lake Elsinore considered and
approved the Recognized Obligation Payment Schedule 15 -16B for the period of
January 1, 2016 through June 30, 2016; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW, THEREFORE, THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, DOES HEREBY
RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Recitals set forth above are true and correct and incorporated
herein by reference.
SECTION 2. The Successor Agency hereby approves the Schedule attached
hereto as Exhibit A as the Recognized Obligation Payment Schedule 15 -16B for
January 1, 2016 through June 30, 2016. Pursuant to Health & Safety Code Section
34173, the Successor Agency's liability, including, but not limited to, its liability for the
obligations on the attached schedule, is limited to the total sum of property tax revenues
it receives pursuant to Part 1.85 of AB X1 26.
Successor Agency Resolution No. SA- 2015 -007
Page 2 of 2
SECTION 3. Executive Director Yates, or his designee, is hereby authorized to
submit the ROPS to such parties as may be required in accordance with the Health &
Safety Code, and to take such other actions on behalf of the Successor Agency with
respect to the ROPS as may be necessary in accordance with applicable law.
SECTION 4. If any provision of this Resolution or the application thereof to any
person or circumstance is held invalid, such invalidity shall not affect other provisions or
applications of this Resolution which can be given effect without the invalid provision or
application, and to this end the provisions of this Resolution are severable. The
Successor Agency hereby declares that it would have adopted this Resolution
irrespective of the invalidity of any particular portion thereof.
SECTION 5. This Resolution shall take effect from and after the date of its
passage and adoption in accordance with, and subject to, all applicable requirements of
the Health & Safety Code.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor
Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 22nd day
of September, 2015.
Ste4 Minos, Chairperson,
S essor Agency of the
Redevelopment Agency of the City
of Lake Elsinore
APPROVED AS TO 7RI:
�l
Barb ra Leibold, Successor Agency Counsel
ATTEST:
Diana Giron, Acting Secretary
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Diana Gir6n, Acting Agency Secretary of the Board of the Successor Agency of the
Redevelopment Agency for the City of Lake Elsinore, California, hereby certify that
Resolution No. SA -2015 -007 was adopted by the Successor Agency, at a regular
meeting held on the 22nd day of September 2015, and that the same was adopted by
the following vote:
AYES: Agency Member Hickman, Agency Member Magee, Agency Member
Johnson, and Chair Manos
NOES: None
ABSENT: Vice Chair Tisdale
ABSTAIN: None
Diana ir6n, Acting Agency Secretary
Recognized Obligation Payment Schedule (ROPS {5-168) - Summary
Filed for the January 1 , 2016 through June 30, 2016 Period
Name of Successor Agency:
Name of County:
Lake Elsinore
Riverside
Current Period Requested Funding for Outstanding Debt or Obligation Six-Month Total
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding
A Sources (B+C+D):
B Bond Proceeds Funding (ROPS Detail)
C Reserve Balance Funding (ROPS Detail)
D Other Funding (ROPS Detail)
E Enforceable Obligations Funded with RPTTF Funding (F+G):
F Non-Administrative Costs (ROPS Detail)
G Administrative Costs (ROPS Detail)
H Total Current Period Enforceable Obligations (A+E):
Successor Agency Self-Reported Prior Period Adiustment to Current Period RPTTF Requested Funding
$ 4,222,781
3,974,132
248,649
$ 6,630,849
6,437,717
1 93,1 32
$ 10,853,630
I Enforceable Obligations funded with RPTTF (E):
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
K Adjusted Current Period RPTTF Requested Funding (l-J)
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
6,630,849
$ 6,630,849
L Enforceable Obligations funded with RPTTF (E):
M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA)
N Adjusted Current Period RPTTF Requested Funding (L-M)
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (m) of the Health and Safety code, I
hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
6,630,849
6,630,849
ChairDave Oster
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15-l68) - ROPS Detail
January 1, 2016 through June 30, 2016
(Reporl Amounts in vvhole oollars)
c o E F G H I J x L N o
ContracUAgreemeil CoilradAoremenl
O6(
Tdal Oubbdrng
Fudrm Source
Non-Rdwebment Pr@rty Ta Trud Fud
/NdppnF\
BoM Proceds R6eNe Bali Olher FunG
3974 132 5 48 ilg
_ax Allodon Revenue Bods
t1O Sens B
loffi bsud On or
lefore 1%1/10
t1DO10 )t12025 Tr61 3od Esue lo tum housng proleds 9,3t6,21 N 469 70($ sg,/u
_ar AlodDn Revenue tsds,londs bsud On or
]elo.e12R1l1O
1t1m10 )tlDOT {ilminglon TrGl 3od Esue to fud non-hoGrng [oled I em I 33.nts 241 N 1.110 741 $1.110.14
Td Alhdion Rwenue Bod lon6 lssud on or v1rmI1 )1112021 lnon &nk N A 3ond is6ue to tund M-hcim $
-clAgencf Rwenue &d, 201 v1t?011 )t1DO3a lnron &nk N A 3od Bue to lund non-h6ng noJ6l ll ad lll 5
u12014 )1112034 JnDn &nk N.A Annual hcal ageil fG lor bnds 5 99;5.99:$
1()akgrov6 ODA )t121993 113012016 )ak Grove EquilrB ,roFdy tax rwenue rermfuEemenl )rold ll N 2U,UO(s 20 00(
1",cMilrn surn(teily LLU arru
livrc Patue6-Elsinore LLC
JUA preogs a ponon ot p@peny rd
'wenu6through2o3S Total
,dsbndrng dett or odigation 6
Ftimatd Esd on p.oredroG ol lax
rryenue grMh at 2 per annum lf
ilopedy valu6 and cor6pondfE
revenuE grilat a hEheror lorer rak
than nL per annum, theiobl ourgdrcr
Mll gmilaily rncreae or decreasd
DDA pledges a podDn ol td rncremen
lor so long as the Aoenc,y r6ev6 ta
rrojed ll ad lll 13,032.21t N 308.67r g2 3gr
1i )ummeny uuA Exu )OA pledges a p(on ol proFny tar
wenu6lhrough2038 Tdal
)dsbndrng deil or ourgahon E
rrojed ll and lll 3.590 42(N 40 00(75,A71 $115,87{
wenue grNh at va per annum It
nopeny valuG and cor6pondrng
evenuG grwal a hqher or lMr rat€
han % pr annum, the toial ouqaton
Mllsmilaily increGe or d6reasd
or so long as the Agency r6eME tax
I'mh.ilv DDA Sm.'rl flal seNrcs
roed and lll
:ty Reimbu6ement LERA ]onds lssud Afrer
231110
lt1 t2000 u1t2032 l(y of Lake Elsrnore ,ny RermDurcemenf LERA - DeM {t 18 920,25(N $s3.55r
N
iummeny DDA
2 loGrng Fund Loan
)3n ol bond pro€e6 from the
ousrng lund Payments made rn any
iven is€l year are calculald and
lsbuEed Msed on avaiiable propeny
rx revenue luds afrer dducions for
ayment olall other debts and
ill 24 AT2 02 $
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 1s,168) - ROPS Detail
January 1, 2016 through June 30, 2016
(Report Amounts in Whole Dollars)
B D E G H I J x L N o
Pror@l Name / DeH OdEaon Odoaton TyE
ConfadAgrement
ExecdDn Oate
ContacrAgrefreil Total oubEdmg
Srt-Modh Total
RPTTF
8od Pr@ds R6eNe Balanc€Oher FunG
21 ,egal seryrcB t2712ffi5 il302415 Mcclendon E Manr -egalsruc6 lor prords bn6 &120 @(N mmt s 60.00
2a tol2noal )t8D0 ldL Coren & Cone fax ProjdroE for bd & DDA {t 16 28(N 8,14(s 8.14r
2t \dmrn Ccls ,J1DO12 )lal203a :(Y StaflSupFilolher dmrn {r 5 717 93:N 193 13i $193 13i
2l Itadrum Lrceree A0remen \t15DOO1 12t3112416 -ake Elsrnore Slorm LP -iene to 6e stadium lor Mseball lolecl lll 1 487 371 N $
3(;tadrum Mehtenance A0reement y15DOO1 1231t2016 -ake Elsrnore Slorm LP qgreemenl to mainlarn bsehll ield )roject lll 695 03:N $
;tadium Concessron Agreement v30t2042 123112016 iolden Slate Concessions rrovision of concEsrons lor baseball lolect lll 102.00(N $
3,;tadium OFration and Marntenanc(U12413 )lg203a 3Fralion and marntenance ofthe noled lll 30 421,86,N $
3:t112013 12131 t2016 ake Elsrnoe Storm LP Stadrum Marntenance and 3 022.43,N 248 Ul 1 914,78r $ 2,163,43;
3,?ivecde coumy Fl@d Coilrol
)istnd
mprovemenulnir6t z%t1949 7t192434 rroled I and ll 3,625 45 N 3 625.45'$ 3.625.45;
3l ?PTTF Shoffall 412012 )iy of bke Ehinore lepayment lor Cty Statr Suppdolher \[N
for Ad[rno SruEs N
\[N 1 30r $
,roFdy Mardenance v1n$g y30Do14 Mamtenane cl on Aoency proFdy )rolel lll 13.U',.13 g:s 13 Ut
1231110
v2flo15 9t112038 llmngilon Trust Bod B@lo relud Tax Aloeton
Rwen@ Bod. 2011 Sei6 A ad
LGI Agency Rryenue Ebn(b, 2011
Seri6 A
10 232.n1 N 4C3 2 5 4432t
:rsal Agent Fe6 v112015 il12034 vilmnglon Ir6t ualh€l agent 16lor bd \[12 4A N s
qdmrn C6ts 11412014 2312018 -ake Ebrnore Housre 300.m N 3m.00($300.ofl
$
$
4l $
N
N
N
N
N
N
N
Non-R&doprnenl Propeq Tax TGI Fud
leturldrrE Elords. Sefi6 T1 5
Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15-158) - Report of Cash Balances
from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see
Prior ROPS
penod balances
and ODR RPTTF
balanes
retained
Available Cash Balance (Actual 01/01115)
amounts should tie to the ROPS 14-158 distribution from the
Auditorcontroller during Janu8ry 201 5
amounts, H3 plus H4 should equal total reported actual
in the Report of PPA, Columns L and Q
#1 through 5 includes a total of $1
for debt setuice due dunng the ROPS
#12 rcllecls$162,O72 as €lucated in
wth DDA ltem #22 (S17,236) and
# 33 ($764,604) reflecls mainlenan@ and
of Available Cash Balance (Actu.l 06/30/15)
amount rctained should only include the amounts disiributed as
for fuiure period(s)
amouni should lie lo lhe $lf-reported ROPS 14-15B PPA in the
of PPA, Column S
Ending Actual AEilable Cash Balance
to G = (l + 2 -3-/t), H = (l + 2 -3 -/t-5)
Available Cash Balance (Actual 07101115)
D, E, G=4+6, F=H4+ F4+ F5, and H =5 +6)
Elncom (Eltim.ts 12,3lrl5)
amounts should tie to the ROPS '15-164 dist ibulion frcm ihe
2.211.433
#10 includes $290,000 reserued for debt
due during the ROPS 'lt168 Period.
#12 reflects $253.426 as clu@led in
F amount retained should only include the amounts dislribuled as
Estimated Available Cash Balance (7 + E - 9 -'10)
Amounts in Whol6
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Lake Elsinore Recognized Obligation Payment Schedule (ROPS 15-168) - Notes
January 1 , 2016 through June 30, 2016
Item #Notes/Comments
lecognized Obligation Payment Schedule (ROPS) 15-16A - ROPS Detai!
1 \mount shown includes $165,000 reserved for debt service due during the ROPS 16-1 7A Period
\mount shown includes $305,000 reserved for debt service due during the ROPS 16-1 7A Period
Amount shown includes $607,500 reserved for debt service due during the ROPS 16-1 7A Period
Amount shown includes $252,500 reserved for debt service due during the ROPS 16-1 7A Period
\mount shown includes $50,000 reserved for debt service due during the ROPS 16-17A Period
€Amt. in excess of ROPS 14-158 Authorized Amt. added to ROPS 15-168
1C
11
1
13
14
15
1
19
2C The Lake Elsinore Sucessor Agency disagrees with the Department of Finance's denial. The Successor Agency will continue to list this obligation as enforceable, in
anticipation of a court judgment or reversal of policy by the Department sustaining the Successor Agency's position.
22
23
2e
29-32 The obligstions for line items 29 -32 for the six month pedod covered lry ROPS 14-15A are incoDorated into lin€ 33 in accordance with the terms of the lnterim Stadium
Management Agreement.
33 This line items reGrences the lnlerim Stadium Nlanagement Agreemenl for Stadium management, ope€tions and mainlenance, as amended, for lhe calendar year
2015 (January 1, 2015 - December 31, 2015) and incorporates the increas€s in costs and capital expenditures requked lo be made by the agreement ior the six monlh
period covered by ROPS 15-164. The obligations in line items 29 32 for th6 six month period covered by ROPS 15{6/q are incorporaled inlo line 33 in accordanc€
with the lerms ol lhe lnterim Sladium Managemenl Agreement. Amt. in €xc€ss of ROPS 1+15A Authorized tunt. addedlo ROPS 1t16A.
u
1E
38 ln accordance to DOF this obligation is included within the Administriative Allowance
2C Amt. in excess of ROPS 14-158 Authorized Amt. added to ROPS 15-168
4C Amt. in excess of ROPS 14-158 Authorized Amt. added to ROPS 1 5-168